Hello No_excuse, I did the swap 2 months ago, and the new vehicle is updated on GM financial website. I just chatted with a gm financial agent on their webpage, specifically asked
“ Hello GM financial, if you could please
take a look into the profile for my
account please. I originally leased a
2021 Bolt in Apr, 2021. Due to the fire
recall, I had MSRP swapped the
vehicle into a 2022 Bolt EUV. My
question is regarding the mileage
allowance on the new vehicle. The
paperwork turned in shows 1951
miles on the 2021, so do I have
36000-1951 = 34049 miles allowance
on the 2022 Bolt? Thank you for your time”
And the agent’s response:
“ Your mileage started over with the
new vehicle, the new mileage
allowance is 36000. Lease maturity date remains the same.”
I screen shot the conversation just in case if they decide to bite me in the end, I have proof. I would recommend that you contact GM financial to have something in writing from them as well.
See if you can withdraw your case from GM
I wish I contacted a Lemon Law Lawyer first before contacting GM on my own…
They just made every possible way to delay your process
I started my process 3 months ago and has yet placed an order… and a lawyer can’t take your case after you talk to GM and they agreed your trade repurchase. Here in CA, lawyers will get money from GM, so you don’t need to pay anything.
I’m 99% sure this is not the case. All your original terms and conditions carry over from your first lease. Your mileage cap is still 36K but the miles that you used carry over. GM financial does not know anything about this. You need the answer from your SOC POC. This was the case when I did SOCs with both of my 2020 bolts into a buick evision and a gmc acadia. My mileage usage and caps carried over. However, as discussed in this tread, my buyouts carried over also. Sold the buick and the gmc for some significant proceeds…
I scanned through this thread.I’m somewhat confused. I have a 2021 Bolt LT that I purchased on a one payment lease in April 2021. I’m in California
If I would apply for SOC, what is the best route if I would like to get a 2023 vehicle. Would the term of my existing lease continue on to the new vehicle? I have an proximately $21,000 residual would that transfer to the new vehicle as well?
My end goal would be to get a new 2023 vehicle and potentially purchase it at the end of the lease term (whatever that date may be) however, I’m unsure how that is calculated… is it based on my current lease or some new calculation that would be made at the time of the SOC.
Furthermore, since I had a one payment lease. I would assume no additional monies would be due for registration etc. . I did read that the rebate that I received from the clean vehicle rebate program would not be required to be repaid, so that’s good to know.
Thanks in advance, and as you could see I’m quite confused so any information would be greatly appreciated.
You’ll need to read the thread all the way thru starting from at least the posts this year.
I’m in CA and also had a one pay lease on a 2020 Bolt LT and was able to do an SoC into an 2022 Bolt EUV LT2.
In an SoC in CA there is no out of pocket when swapping vehicles. All that happens is they take your original lease contract, replace the VIN of your old vehicle with the VIN of your new vehicle.
Everything else in the original lease contract regarding residual, mileage, end of term remains the same.
If you’re willing to go through the process it takes 6 weeks to 3 months depending on the purchase coordinator. Since 2023s are being built it may take longer.
Thank you so much for the quick primer. I’ll start reading more this evening. I appreciate the concise information you have provided, especially for someone domiciled in California. Thanks again!
I am on the same path as you right now. My lease expires in January of 2023.
With that said, I am quite curious as to how that would impact the repurchase.
If that can lower the purchase price even further, wouldn’t it make more sense to buy rather than lease? Don’t know if GM will allow but it would make sense for me if I can buy if for less than $20k.
If you go the SoC route, you’re just swapping vehicles onto your current lease contract. Your residual will stay the same regardless if the new car has a lower MSRP. The residual value is what you will pay to buy out your lease.
If you go the trade repurchase route, GM will give you an offer for your current lease which is the value of your car MINUS a usage fee (which is a formula that considers the number of miles you’ve driven). This offer can be used to purchase a new GM vehicle. However you will have to negotiate with the dealer as to the price of the new car and they may add their markups etc. You should also consider the money that you’ve put into the lease when you do your cost analysis.
Thanks to everyone I called in to GM this morning and I just received a call back by a rep. What a disaster!
They were unable to clearly describe the program, Never heard of substitution of collateral, she read from a narrative so quickly… I couldn’t understand her… and basically said they would need to receive a copy of my contract a copy of my lender information and a copy of my registration. I said I am GM lesee (she had no idea about that). I said I am not forming a relationship with this person to myself.
Once my documents are received, they would send me to the RVDC center. I asked her what that meant they she had no idea. (She stated let me look that up for you)
Furthermore, she never heard of the term substitute of collateral all she said there was a Re-purchase program that’s either a trade (They would match me with a similar vehicle) or a straight (They would buy me out of my contract) Then she reads from a narrative again so quickly describe both programs. I basically asked her to stop and to put in a request for another representative to contact me.
She wanted to continue, I said basically ma’am I’m having difficulty in understanding you and I think it’s best if I should be forming a relationship with someone else, As I have from very specific questions and it doesn’t seem that you’re able to answer them except reading from the narrative.
She didn’t take any offense said she’ll put in the request and ask for someone else to call me today.
Gosh, have others receive such poorly trained representatives??
The first rep you talk to won’t know anything about SOC. It will be when your case gets transferred to a proper person. You will have about 3 people you’ll interact with. The first one is basically the person that fields the calls, collects information etc. Then you are assigned a case number and a GM rep. GM rep will ask for more info and then your case will be assigned to the RVDC I think is what they call it. Only the last person or RVDC will know what SOC means and they will submit the offer letter to you and handle the final portion of the SOC. Like I mentioned. It’s best to study the previous posts before jumping in there and asking questions that have probably been answered multiple times.
Thanks I read through the majority of the posts and I had a clear understanding that’s why I called. I appreciate your courtesy
When I first called into GM. I understand the first rep would assign my case, My narrative above is about the second person who called who is going to be my case manager, I believe this manager was the person who would receive all of my documents lease contract, lessor information, registration and then assign it to the RVDC for further handling. Thanks for the clarification
So I just Spoken with one of the supervisors I requested. Very informative. However in California we are subject to the Song Beverly Act for usage.
The miles when you first bring the car for repair(In my case I never brought it in and the currently has 15,000 miles on it) times the purchase price divided by 120,000. I calculate that it to be about $4500.
I had a one time payment lease of $8000. Has anyone else who did an SOC had that charge levied once they got to the RVDC?
I already received the email and the letter for me to respond with the information they’re requesting for further review.
